At 1:37 PM today, Asian Paints saw its stock price drop by 4.03% to ₹3,145.25, resulting in a ₹12,645 crore loss in market capitalization. The company’s total market cap now stands at ₹3,01,499.85 crore.
Stock performance details
- Open: ₹3,192.30
- High: ₹3,225.90
- Low: ₹3,133.55
- Previous close: ₹3,277.35
Asian Paints opened at ₹3,192.30 and hit a high of ₹3,225.90 during the day. However, the stock has experienced a sharp fall, hitting a low of ₹3,133.55 due to rising crude oil prices.
Crude oil prices affect Asian Paints’ stock
The drop in Asian Paints’ stock is primarily driven by the surge in crude oil prices, as the company relies heavily on crude derivatives for its production processes. With global crude oil prices continuing to rise amid supply concerns due to the Iran-Israel conflict, investors are worried about the impact on Asian Paints’ margins, leading to a sell-off in the stock.
Higher raw material costs are expected to put pressure on the company’s profitability, which is already being reflected in the falling stock price.
Disclaimer
Investing in stocks involves risks, and stock prices are subject to market fluctuations. Please do your own research or consult with a financial advisor before making any investment decisions. The information provided in this article is for informational purposes only and does not constitute investment advice. The author and publication are not responsible for any losses incurred based on the information provided in this article.
